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- 4.7 per cent in 2022, as higher spending on oil projects will be mitigated by lower mining-related investment and the completion of construction at Muskrat Falls.
www.gov.nl.ca/fin/files/2022-Economic-Update.pdf2022 Economic Update - Government of Newfoundland and Labrador
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Mar 25, 2022 · The northeast Avalon is set at $1.65 per litre, central Newfoundland is $1.69, Corner Brook area is $1.66, Stephenville is $1.69 and the Northern Peninsula is $1.67. Stove heating oil increased by...
- N.L. posts unexpected $479M surplus on higher oil revenues ...
On the back of higher than expected revenue from oil — and...
- N.L. posts unexpected $479M surplus on higher oil revenues ...
prices for fuel oil (70.3 per cent) and gasoline (34.9 per cent) were the largest, reflecting a 59.6 per cent increase in crude oil prices over the same period. Prices for essentials such as food (8.6 per cent) and shelter (5.8 per cent) also saw significant increases. For the year as a whole, inflation in the province is forecast
- An Uncertain Future
- Future Fund
- An Improved — But Volatile — Situation
Coady said the improved situation has resulted in all three of the provincial government's credit agencies moving their outlooks for Newfoundland and Labrador from negative to stable. Oil prices are higher than projected — up from $86 US per barrel to $102 per barrel — and production is up, from 83.1 million barrels to 85.2 million barrels. Total p...
Coady announced the provincial government will contribute $157 million to a fund it will eventually use to pay down debt. Last week, the provincial government announced details of legislation to create what it's calling a "future fund," where it plans to deposit a portion of oil royalties and revenues from the sale of assets over $5 million. Accord...
Coady said the province is seeing "solid" signs of economic growth, but she pointed to rumbles of a global economic recession that could signal potential future difficulties. The provincial government previously hinted at the improved outlook when it announced one-time cheques for residents who earn $125,000 or less would be delivered this fall. Co...
Oct 19, 2022 · Soaring oil prices and unexpected tax windfalls have driven a sea change in Newfoundland and Labrador's financial outlook for the fiscal year, putting the province on course to post its first surplus in more than a decade.
Jul 9, 2021 · Then there’s price uncertainty because the Organization of the Petroleum Exporting Countries (OPEC) is considering an increase in production. Still, Barnes said even if OPEC decides to increase production, causing a price drop, a price of around $50 to $70 a barrel is still profitable for producers.
Sep 12, 2022 · As COVID-19 was spreading, an oil price war between Saudi Arabia and Russia hit Newfoundland and Labrador hard. The price of oil plummeted, creating a crisis for Canada’s easternmost province, which is heavily reliant on oil revenue to pay for services for its population of about 520,000.
Oct 19, 2022 · The province unveiled its mid-year economic update Wednesday, which projects a $479-million surplus for the 2022-23 fiscal year. The figure marks a sharp contrast from the $351-million...
